本文選題：退市規(guī)則　切入點：信息披露　出處：《首都經(jīng)濟貿(mào)易大學》2012年碩士論文　論文類型：學位論文

【摘要】：近二十年來，許多國家和地區(qū)為了完善本國資本市場的層次體系、促進創(chuàng)新和中小企業(yè)的發(fā)展、滿足投資者多元化的投資需求，在發(fā)展主板市場的同時，推出了各種類型的創(chuàng)業(yè)板市場。我國也應(yīng)市場需求建立了自己的創(chuàng)業(yè)板，，但由于剛剛成立不久，制度建設(shè)還不健全，眾多的市場參與者、學者和政策制定者在經(jīng)歷了公司上市、投資的熱潮后，陷入了大量上市公司業(yè)績急劇下滑、市場信譽掃地的尷尬境地，大量劣質(zhì)公司滯留在市場中拉低了市場的整體質(zhì)量，流動性受阻致使創(chuàng)業(yè)板市場無法充分發(fā)揮其在定價和優(yōu)化資源配置方面的作用，人們開始理性的思考問題的癥結(jié)所在，創(chuàng)業(yè)板市場退市制度開始引起越來越多的關(guān)注和討論。 本文即致力于我國創(chuàng)業(yè)板上市企業(yè)退出機制的研究。創(chuàng)業(yè)板退市制度是創(chuàng)業(yè)板市場乃至整個證券市場制度建設(shè)的重要內(nèi)容，退市制度的有效實施對于整個證券市場的規(guī)范發(fā)展有著重要意義。本文首先明確了退市的基本框架和概念，強調(diào)了退市制度存在的必要性。在充分了解退市機制所涵蓋的內(nèi)容后，通過全面、系統(tǒng)的了解海外創(chuàng)業(yè)板市場的發(fā)展狀況，對其退市制度設(shè)計和具體實施細則進行深入的研究，尋找其具有突破性、創(chuàng)新性的設(shè)計亮點，結(jié)合我國創(chuàng)業(yè)板市場退市機制目前的發(fā)展狀況及制度運行的大環(huán)境進行可行性分析，最終提出完善我國創(chuàng)業(yè)板退市機制的建設(shè)性意見。除了對現(xiàn)行退市標準和退市程序的適當改進，本文更加注重強調(diào)信息披露制度的完善和企業(yè)退市后的一些相關(guān)制度安排，尤其是企業(yè)退市后的去向問題和投資者權(quán)益的保護問題。
[Abstract]:In the past two decades, in order to improve the hierarchy of their capital markets, to promote innovation and the development of small and medium-sized enterprises, and to meet the diversified investment needs of investors, many countries and regions have developed the main board market at the same time. China has also set up its own gem according to the market demand. However, because of the recent establishment of the gem, the construction of the system has not been perfect, and many market participants, scholars and policy makers have experienced the listing of companies. After the upsurge of investment, a large number of listed companies suffered a sharp decline in performance, and the market reputation was destroyed. A large number of inferior companies were stranded in the market and the overall quality of the market was lowered. Because of the blocked liquidity, the gem market is unable to give full play to its role in pricing and optimizing the allocation of resources. People begin to think rationally about the crux of the problem, and the delisting system of the gem market begins to attract more and more attention and discussion. This paper is devoted to the study of the exit mechanism of listed enterprises on the gem, which is an important content of the gem market and even the whole securities market system construction. The effective implementation of the delisting system is of great significance to the normative development of the entire securities market. Emphasizing the necessity of the delisting system. After fully understanding the contents covered by the delisting mechanism, and through a comprehensive and systematic understanding of the development of the overseas gem market, it makes an in-depth study on the design of the delisting system and the detailed rules for its implementation. To find its breakthrough, innovative design highlights, combined with the gem market delisting mechanism of the current development situation and system operation of the general environment for feasibility analysis, In addition to the proper improvement of the current delisting standards and procedures, this paper pays more attention to the perfection of the information disclosure system and some relevant institutional arrangements after the delisting of enterprises. Especially after the withdrawal of enterprises from the market and the protection of investors' rights and interests.
【學位授予單位】：首都經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51

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